08/11 Daily Summary

Not much to say, except that the last AUG trades that remained are showing profits. I have started simplifying the MNX Iron butterfly as we enter the "end game". My plan is to be totally out of all trades by Friday, Monday at the latest.

I'm also adding a new MNX Iron Butterfly for SEP this comming Thursday (35 days to expiration).

Position's Details:
08/11 IBM Calendar
08/11 MNX Iron Butterfly

08/11 IBM Calendar

The trade is in great shape! I hope IBM (and the overall market) stays quiet Tomorrow! That's a long shot, considering the Interest Rate announcement, but then again, we never know.


Position's History:
08/10 IBM Calendar
08/07 IBM Calendar
08/06 IBM Calendar
08/05 IBM Calendar
08/04 IBM Calendar
08/03 IBM Calendar
07/31 IBM Calendar
07/30 IBM Calendar
07/29 IBM Calendar
07/28 IBM Calendar
07/27 IBM Calendar *New*

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08/11 MNX Iron Butterfly

The trade finally showed profits Today! I watched a video with Dan Harvey Yesterday and he explained that his strategy for these final weeks is to start rolling the short contracts out of the money as much as possible. This reduces the Theta, but helps a lot by keeping the Gamma under control.

I started rolling these contracts "out", By using Debit Spreads, I rolled 2x 157.5 Puts to 152.5 and 3x 160 Calls to 165. I also sold the long SEP Calls Today. In summary: This is the "end game", so it is time to keep the trade under control and at the same time to start simplifying the number of contracts. I'm attaching a view that shows what I have as far as contracts.

Position's History
08/10 MNX Iron Butterfly
08/07 MNX Iron Butterfly
08/06 MNX Iron Butterfly
08/05 MNX Iron Butterfly
08/04 MNX Iron Butterfly
08/03 MNX Iron Butterfly
07/31 MNX Iron Butterfly
07/30 MNX Iron Butterfly
07/29 MNX Iron Butterfly
07/28 MNX Iron Butterfly
07/27 MNX Iron Butterfly
07/23 MNX Iron Butterfly
07/22 MNX Iron Butterfly
7/21 MNX Iron Butterfly
07/20 MNX Iron Butterfly
07/17 MNX Iron Butterfly
07/16 MNX Iron Butterfly *New*

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